Property News

Never a better time sell your house in Wokingham

July 08, 2009

It's never been a better time to sell your house, say Wokingham estate agents.

Although prices have fallen dramatically since their peak, sellers should take advantage of the low prices to trade up into a bigger home, because the gap between small and big houses has narrowed, they say.

And they need to jump on the bandwagon now, as reports are beginning to show the first shoots of a recovery in the housing market.

UK house prices rose by 0.9 per cent in June, according to the latest survey from the Nationwide building society, published on June 30.

This was the third rise in the past four months, bringing the price of the average home to £156,442.

And although this is still £15,973 less than a year ago, it is up from the recent low point in February, of £147,746, a rise of £8,696.

Property expert, entrepreneur and author Peter Knight recently spoke about the Berkshire housing market at an event in Bracknell organised by Romans.

He says it is a good time both to buy and sell.

He says: “Although house prices have fallen since their peak, it’s important to remember that prices are relative.

“That’s why right now is an excellent opportunity for home owners to sell their property and to trade up, because more expensive homes have decreased in value by an even greater amount – creating smaller gaps between the rungs on the property ladder.

“So with all-time low interest rates too, buying a new home is more affordable than it has been for a generation.”

Vince Courtney, Romans’ Regional Director (North) says: “Now is definitely a great time to buy or sell your home.”

“Business is booming in all our branches - our residential sales are now up 40 per cent on last year and the demand for new stock is rising.

“That’s the real local story behind the gloomier national headlines.”

Steve Jones, managing director of Richard Worth in Wokingham, says the lack of properties on the market and a good supply of purchasers make it a good time to sell.

But he advises sellers not to set their prices too high.

He says: “We have come through the massive reduction in price that we have all had to suffer over the last couple of years, and, as happened in the early 90s, there has been a level of acceptance that things are not worth the same amount they used to be.

“Vendors have accepted it and buyers have accepted it too.

“Don’t get over-excited about prices because if it is overpriced it won’t sell.

“Properties that are sensibly priced will sell, overpriced properties will stick.

“The thing to do is price sensibly.”

He adds that buy-to-let investors are beginning to return to the market.

“They are coming back at the bottom end of the market and there are investment purchasers around.”

David Auger of Martin & Pole in Wokingham says prices are beginning to rise in the upper mid range, between £400,000 and £600,000, because there is a shortage of properties.

He says: “We are having occasions where we are getting offers over the asking price, so it is quite competitive.

“That means sellers may also be able to choose who they sell to, rather than one with a long chain.

“That then puts them in a good position, if they want to buy they will be well placed because they may well be competing against a cash buyer.”

Neal McKenzie, managing director of Michael Hardy in Wokingham, says: “This is a good time to sell because the gap between what you are selling and what you are buying is unlikely to be so narrow for some time.”

He says that although prices have started to rise, there’s no telling what will happen next.

“It is a very brave person who predicts one way or the other what the market is going to do.

“But if you can afford to move at the moment, the gap has probably never been narrower.”

But he says even though there are a lot of buyers around, they are still watching the pennies.

“People are still very price sensitive – if they think something is being priced over the top, they won’t buy it. You cannot be too ambitious with your price.”

Are some vendors waiting for prices to go back to their peak of a few years ago?

He admits some people may be dragging their feet for that reason.

But he adds: “If people are waiting for something amazing to happen, they have got a long wait.”